Special Section sponsored by TMPAA

abacus.net

Key programs administered: Productions, events, floaters, E&O, construction—all transacted completely online

Abacus.net, a leading manager of online insurance programs since 1998, manages high transactional programs. This translates into brokers and carrier partners benefiting from substantial efficiencies, increased revenues and cost reductions.

The results speak for themselves. In the past five years, premium writings at abacus.net have increased fivefold. The number of new firms signing up with abacus.net and the amount of risks quoted have increased at a similar pace.

Abacus.net benefits to insurance carriers include:

1) Loss ratios substantially below industry norms

2) Advanced automation capabilities

3) Expanded national distribution

4) Strict adherence to underwriting disciplines

5) 24/7 real time access to live data

6) No comparative rating

Brokers see an advantage to using abacus.net because of its speed and flexibility. By using the proprietary abacus.net software platform, brokers access programs and bundle coverages from different carriers into a single integrated quote. Because the abacus.net platform performs all aspects of an insurance transaction, brokers can quote, process payment, order coverage, and issue policies in minutes. Abacus.net programs are available in all 50 states.

The number of programs offered by the company is increasing. One example is the events portfolio of programs. Abacus.net will soon expand its current eight-product events portfolio with programs that will further enhance its offerings, providing even further benefits to the carrier partners and broker network. Abacus.net events programs cover domestic and international events—from small business meetings to large concerts, festivals and parades—just about anywhere in the world.

“Event planners and venue managers responsible for events can quickly and easily obtain coverage online through abacus.net,” says Darren Lewin, abacus.net vice president, programs division. Abacus.net covers single domestic events, single foreign events, annual/renewable domestic and foreign events, vendors at single events, vendors at multiple events, event cancellation, and more.

Carriers partnering with abacus.net

Partnering with abacus.net has immediate marketing advantages. Carriers gain instant access to a nationwide network of more than 1,800 insurance offices, representing over 4,500 insurance professionals, with more offices added daily. “These are generally smaller offices that do not have direct appointments with our carriers,” says Lewin. “They are an excellent source of new business—captive agents that carriers would not otherwise have the ability to reach.”

Abacus.net requires the following of its carrier partners:

1) Rating of “A” or better

2) Minimum financial size of XIV

3) National presence

4) A management team that shares the abacus.net vision

“Insurance companies have instant access to risks on abacus.net,” says Lewin. “Transactions and their underlying components are completely transparent. If a transaction shows up in our database, the carrier can access it—from the rating algorithms, to form assignment, to rules, policy output and applications—everything that goes into the risk.”

Online program management boosts bottom line

As one of the pioneers of online program management, abacus.net’s experience and technical expertise generates impressive returns for brokers and carrier partners. “Our results are superior to our peers,” says Lewin. “Abacus.net’s unique approach to risk qualification creates enhanced results for carriers—with loss ratios substantially below industry standards. That means more profit for the carriers and the brokers.”

For more information about abacus.net and its services to carriers and brokers, call Darren Lewin at 310-500-2302, email darren.lewin@abacus.net, or visit www.abacus.net. *